Page:United States Statutes at Large Volume 55 Part 1.djvu/389

 PUBLIC LAWS-CH. 261 -JUNE 28, 1941 [CHAPTER 261] AN ACT June 28, 1941 [H. R. 4693] To amend the National Housing Act, and for other purposes. [Public Law 138] Be it enacted by the Senate and House of Representatives of the National Housing United States of America in Congress assembled, That the first sen- Act, amendments. 3Stat. 804 . tence of subsection (a) of section 2 of the National Housing Act, as 12U.S. C. 1703(a). amended, is hereby amended by striking out "July 1, 1941" and inserting in lieu thereof "July 1, 1943". 53 Stat. 804 . SEC. 2. The last sentence of subsection (a) of section 2 of such Act, as amended, is hereby amended by (1) inserting "and other sources" after the word "premiums," and (2) striking out "$100,000,000" and inserting in lieu thereof "$165,000,000". Stat.C703 b). SEC. 3 . Subsection (b) of section 2 of such Act, as amended, is Financing existing hereby amended by (1) striking out "exceeds $2,500" and inserting in structures. lieu thereof "made for the purpose of financing the alteration, repair, or improvement of existing structures exceeds $2,500 (or in the case of the alteration, repair, or improvement of an existing dwelling designed or to be designed for more than one family, exceeds $5,000), New structures or for the purpose of financing the construction of new structures exceeds $3,000;", (2) striking out the word "unless" in clause (2) of such subsection and inserting in lieu thereof the following: "where tiMoturity limita- the loan, advance of credit, or purchase does not exceed $2,500, or has a maturity in excess of five years and thirty-two days, where the loan, advance of credit, or purchase exceeds $2,500 but does not exceed $5,000; except that such maturity limitations shall not apply if", and Refinancing, etc., (3) striking out the period at the end thereof and inserting ": Pro- obligations. vided, That any obligation with respect to which insurance is granted under this section on or after July 1, 1939, may be refinanced and extended in accordance with such terms and conditions as the Admin- istrator may prescribe, but in no event for an additional amount or term in excess of the maximum provided for in this subsection." 12U. S.tC. 1.i70(c). SEC. 4 . Subsection (c) of section 2 of such Act, as amended, is hereby amended by (1) inserting after the letter "(c)" the figure "(1), (2) inserting before the word "property" the word "personal", and (3) adding at the end thereof the following new paragraph: of atlu'ired real prop- "(2) The Administrator is authorized and empowered (a) to deal erty. with, complete, rent, renovate, modernize, insure, or sell for cash or credit, in his discretion, and upon such terms and conditions and for such consideration as the Administrator shall determine to be reasonable, any real property conveyed to or otherwise acquired by him in connection with the payment of insurance heretofore or here- againsrctortgagolrs after granted under this title and (b) to pursue to final collection, by way of compromise or otherwise, all claims against mortgagors assigned by mortgagees to the Administrator in connection with such 'inort purchases, real property by way of deficiency or otherwise: Provided, That etc. section 3709 of the Revised Statutes shall not be construed to apply 41U.S. c(.i. to any contract of hazard insurance or to any purchase or contract for services or supplies on account of such property if the amount thereof melution o instr- does not exceed $1.000. The power to convey and to execute in the name of the Administrator deeds of conveyance, deeds of release, assignments and satisfactions of mortgages, and any other written instrument relating to real property or any interest therein heretofore or hereafter acquired by the Administrator pursuant to the provisions of this title may be exercised by the Administrator or by any Assist- ant Administrator appointed by him without the execution of any Delegatlonofpower. express delegation of power or power of attorney: Provided, That nothing in this paragraph shall be construed to prevent the Adminis- [55 STAT.

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